July 7,
2016 (CT) - The five most overvalued housing metros are Austin, San
Antonio, Phoenix, Las Vegas and San Francisco. The five most undervalued
metros in the United States are New Haven, Detroit, Hartford,
Providence, RI, and Cleveland, OH. as reported by Kim Slowey on June 10, 2016 in Construction Dive, a building trade resource based in Washington, DC
Fitch
determined the list for Forbes by labeling markets overvalued when home
price growth outpaces the local economy, and labeling them undervalued
when housing prices are below what the local economy can handle.
Connecticut
has not fared as well in the employment arena and has seen more than
its share of millennials and baby boomers out-migrate to other states.
That trend has left two of its metros, New Haven and Hartford, among the
top five undervalued markets. Connecticut lost a high-profile business
this year, General Electric,
to Massachusetts, and Aetna and other insurance companies — the
backbone of Hartford's economy — have considered similary moves, which
many blame on a new round of state business taxes.
Experts
at Fitch Ratings U.S. RMBS group said that while inventory is a
consideration in overvalued markets like San Francisco, with ever-rising
rents and home prices, the increase in incomes is "what's driving a lot
of the demand."
David
Carr is a full time REALTOR associated with Coldwell Banker who
specializes in fiduciary representation of buyers of residential and
multifamily investment property since 1996. Mr. Carr also specializes in
marketing residential, multifamily and zero energy investment property
in Southern Connecticut, and may be reached at 203-654-2905 or online at
multiple venues.
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